The company, Colony Capital LLC is currently deciding whether to place the estate located Santa Barbara County, California on the market. They had ownership of the home since Jackson handed over the title in 2008, as they were holding his $23 million loan for the property. At the time, Jackson was facing mounting debts, and the real estate was in free fall. Also, he had not visited the estate since 2005 following his acquittal from child molestation charges.
So far, an asking price has not been established, but Neverland Ranch is valued at 30 million dollars by California property experts, but could sell for between $75 million and $85 million. Meanwhile, the Jackson family has expressed disappointment over the proposed sale. A representative for the singer’s estate has said, “we are frustrated, bitterly disappointed and saddened”, and has also expressed how Jackson had lost control of Neverland during his life due to the advice of a former manager. Yet, there has also been hope that whoever buys the property, will respect Neverland’s historical importance and special nature of the property.
Jackson bought the property back in 1988, and converted it to a private amusement park and zoo. He named it Neverland after the fairytale of Peter Pan, whose main character refused to grow up. Since his death, entertainers and foreign investors have shown interest in buying Neverland, and there have even talks that the estate should be converted to a tourist attraction similar to Elvis Presley’s Graceland. So far, there is no word on what the intention of the property’s future.